As Seen in Multi-Unit Franchisee Report – Succession is Really the Beginning!
As an entrepreneur, it is exciting and easy to look forward and dream about building your business. For multi-franchisee owners, this includes building and implementing a strategy to open more stores and/or diversify your brand portfolio. Rarely are the impacts of the “unknown” considered while dreaming big about growth and the future.
More so, when the term “succession planning” comes up in conversation, the topic is quickly changed to something more exciting.
To many owners, the idea of succession planning reflects the end. It is considered a strategy for a buy-sell, an exit, potential retirement, tax planning, and what happens to the estate after death. The reality is that succession planning, regardless of the misconception, is really about the beginning.
When dreaming about the future, the last thing we want to think about is what happens in the end. But what about those things that can happen “in the journey” which have a direct impact on the sustainability and growth of your business?
Preparing a business to transition from one generation to another requires a focus on 10 key areas which we call the Succession Matrix. Click the following link for more drill down resources on The Succession Matrix